NEW YORK, Nov. 20, 2007 (PRIME NEWSWIRE) -- Industrial Enterprises of America, Inc. (Nasdaq:IEAM) announced today that under the leadership of President Dan Redmond, Industrial Enterprises of America reached an important operational milestone. During the week of November 5, 2007, the Company's Pitt Penn facility shipped approximately $1 million of finished goods and reported 100 percent on-time shipping.
According to management, on-time shipping performance continues to improve due to significant changes in the Company's supply chain process and organization. During the fourth quarter of last fiscal year ended June 30, 2007, Pitt Penn averaged less than 70 percent on-time shipping to its customers. Over the last three months the Company has improved its shipping performance, averaging 90 percent on-time shipments while also reducing lead times. The Company expects to approach 95 percent on-time shipments by the end of December. Additionally, during October, Overall Equipment Effectiveness, a productivity metric, improved 5 percent from the previous month and continues on an upward trend. As the Company enters its heavy winter season, sales volume continues to increase.
According to Dan Redmond, President and Chief Operational Officer of Industrial Enterprises, "Customers have responded well to our operational improvements. We expect this improved performance, in addition to our ability to ship mixed truckload quantities given our broad product offering, to be key enablers for business growth. Production backlogs were dramatically reduced during our traditionally weak first quarter, positioning us for a solid winter season. As our volumes improve and Lean Manufacturing begins to take hold, significantly better productivity will be realized going forward. EMC, our aerosol packaging company, continues to perform up to its historically high standards."
About Industrial Enterprises of America
Industrial Enterprises of America, Inc., headquartered in New York, NY, is an automotive aftermarket packager and supplier that specializes in the sale of anti-freeze, auto fluids, charcoal fluids, and other additives and chemicals. The Company has distinct proprietary brands that collectively serve the retail, professional and discount automotive aftermarket channels. For more information please visit www.ieam-inc.com.
Except for the historical information contained herein, the matters discussed in this press release may include forward-looking statements or information. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of Industrial Enterprises of America set forth herein and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects," "forecasts" or similar expressions, are forward-looking statements. Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties which could cause the Company's future results to differ materially from those anticipated, including: (i) the Company's history of ongoing operating losses; (ii) the overall marketplace and clients' usage of products, including demand therefore, the impact of competitive technologies, products and pricing, particularly given the substantially larger size and scale of certain competitors and potential competitors, control of expenses, and revenue generation by the acquisition of new customers; Other risks are detailed from time to time in the Company's 2006 Annual Report on Form 10-K, as amended, its Quarterly Reports on Form 10-QSB, and in its other Securities and Exchange Commission reports and statements. The Company assumes no obligation to update any of the information contained or referenced in this press release.